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Uncertainty surrounding the upcoming appointment of new leadership at the US Federal Reserve is partly behind the rise in US 10 year bond yields; the rest comes from an improving economy.

Yields on benchmark bonds are closely tracked indicators and important for the values of income paying investments. The yield on the US 10 year bond has reached the 2.4% level and is widely expected to rise higher. This is reminiscent of early 2014, when yields hit 3%. Both time periods included major personnel changes at the US Central Bank. This week's commentary looks at the similarity of these two occasions and the direction for interest rates that could follow.